On Monday evening after the markets closed, Tata Sons Ltd released a statement saying that its board has replaced Cyrus Mistry as chairman. It also added that Ratan Tata, the previous chairman, will take over in the interim and that a search panel has been constituted to find a new boss.
Mint brings you some FAQs on the biggest corporate story of the year.
So, why did the Tata Sons board sack Mistry?
That part of the affair is still a mystery. Ratan Tata, chairman of Tata Trusts, has not commented so far. There are murmurs of conflict of interest and poor performance.
Still, V.R. Mehta, trustee of the Sir Dorabji Tata Trust, told NDTV in an interview that the Tata Trusts were “concerned about falling revenue (since Mistry took over)—funds for charitable work were drying up”. The Trusts were also unhappy about the fact that the performance of Tata Sons was increasingly dependent on just two companies—Jaguar Land Rover (JLR) and Tata Consultancy Services (TCS).